Home buyers still shying away from market
It was the seventh lowest for any recorded month, despite a $1.1 billion rise on January’s lending, which is typically the lowest borrowing month in a year. This is despite a rise after seasonal adjustment of 0.2 per cent from January.
In comparison to February last year, total new mortgages dropped by $1.9 billion, or 33.1 per cent, from $5.7 billion.
This decline was mainly driven by lending to owner occupiers moving, which fell to $2.3 billion, a drop of 36.3 per cent from $3.7 billion in February last year and lending to investors, at $0.6 billion, falling 40.8 per cent from $1.1 billion in the same month last year.
On the other hand, the value of new commitments to first home buyers last month was $0.8 billion, down only 14.5 per cent from $0.95 billion in February last year.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
